Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

The following table

provides the gross carrying value and accumulated amortization for each major class of intangible asset at December 31, 2019 and December 31, 2018 (in millions, except weighted average useful life):

		December 31, 2019							December 31, 2018
	Weighted Average Useful Life	Gross Carrying Value		Accumulated Amortization			Net Book Value		Gross Carrying Value		Accumulated Amortization			Net Book Value
Customer relationships	17 years	$	160.9	$	(15.6	)	$	145.3	$	160.9	$	(6.1	)	$	154.8
Tradename	1 year	1.1		(1.1		)	—		1.1		(1.1		)	—
Technology	6 years	26.8		(7.4		)	19.4		26.8		(2.9		)	23.9
Favorable leasehold interests (1)	1-8 years	—		—			—		2.3		(0.5		)	1.8
Total intangible assets		$	188.8	$	(24.1	)	$	164.7	$	191.1	$	(10.6	)	$	180.5

(1) Favorable leasehold interests were derecognized and the ROU assets were adjusted by the

corresponding amount upon adoption of Topic 842.

Schedule of Valuation Methodologies Used to Determine Preliminary Fair Values of Intangible Assets

The fair value of the identifiable intangible assets was derived utilizing the following valuation methodology:

	Valuation Methodology
Customer relationships	Income approach to derive the present value of future cash flows from customer relationship.
Tradename	Relief from royalty method was utilized to determine the present value of savings from owning the asset.
Technology	The cost, market, and income approaches were used. • Cost approach - value is based on the current technology cost. • Market approach - value is based on sales of similar technologies. • Income approach - value based on identifiable discrete cash flows related to the technology.
Favorable leasehold interests	Income approach to derive the present value of the market versus contractual rent.

Schedule of Estimated Annual Amortization Expense

Estimated annual amortization expense related to intangible assets with definite lives as of December 31, 2019 is as follows (in millions):

2020	$	13.9
2021	13.9
2022	13.9
2023	13.9
2024	11.0
Thereafter	98.1
Total	$	164.7